Sui price soars as Bybit adds SUI on Launchpool

Sui has seen a remarkable surge of over 20% in just 24 hours, reaching its highest price level in six months. This rally coincides with positive developments from crypto exchange Bybit, which announced its support for Sui as a native ecosystem pool token on October 7.

Bybit Launchpool Support

Bybit’s integration of Sui into its Launchpool marks the first mining pool for a token outside of the Mantle ecosystem. This move has generated significant excitement, as Bybit is known for its influential position in the crypto space. Alongside this, Bybit is also supporting Sui staking, further boosting its appeal among investors.

Market Dynamics

The timing of Sui’s surge aligns with a generally bullish market sentiment as investors appear to be exiting positions following recent geopolitical sell-offs. With Bitcoin trading above $63,700 and Ethereum reclaiming $2,480, Sui has capitalized on this upward momentum.

Impressive Growth Metrics

Sui’s impressive rally comes after a staggering 115% increase in September. The token has been on an upward trajectory since hitting a low of $0.53 on August 6. According to DeFiLlama, Sui’s total value locked (TVL) has now reached $1.58 billion, positioning it as the 9th largest chain by TVL.

During the U.S. trading session on October 7, Sui managed to break above the $2 mark and retested $2.09. This price action is particularly notable as the last time Sui traded below $2, it reached an all-time high of $2.17 on March 27, 2024.

With ongoing positive developments and a solid market environment, Sui looks set to continue its momentum, attracting attention from both retail and institutional investors alike.